Gals' Guide

Chicago Sales Tax Increases to 10.25%Cook County at 10%: Highest in U.S.

Starting July 1, the Cook County Sales tax will jump up 1%. We in Chicago will also enjoy an additional .25% increase for the RTA, which gives our grand total sales tax a whopping 10.25%.  If you want to do some comparisons, New York City's sales tax is about 8.4% and Los Angeles is 8.25%.

A pair of $50 Gap jeans will cost you $55.13 in Chicago and $55 in Schaumburg.  I mention Schaumburg because this is where Woodfield Mall is located. If you think you can escape the new tax by going to another Cook County mall, think twice - the 10% applies. The tax does NOT apply to groceries, boats, cars or medicine. 

However, if you go shopping in Lake, DuPage or Will County, you'll pay about 3.75% less. Anyone want to organize a GG Saturday shopping trip in one-a those counties? :) Thanks, Todd Stroger.And thanks to Commissioner Larry Suffredin who swung his vote in the last minute in favor of the hike.

Turn $451 a Month Into One Million Smacks

Happy Friday,

Oil is up, corn is up and everyone is penny pinching.  Here is an article I dug up on how you can take $451 a month and turn that into a cool Million in 35 years. If you don't have the extra $451 a month (and your 30 years old), the post also has tips to monthly penny pinching. 

Here's to becoming millionaires!

My 'Economic Stimulus' Check

I just got a notice in the mail that I'm getting exactly $453.  No check, just a letter saying I should 'expect' $453 as my part of the 'economic stimulus' package. 

The only thing I really plan on doing with this 'spare cash' is adding it to my bank account.

Ladies, what do YOU plan on doing with your package?

UPDATE: Ok, I couldn't help it - I used some of my rebate check to go see the RED WINGS in Detroit this weekend. I love my hockey team and am going to sneak in a Mother's Day visit:)

How to Resist the Impulse Buy

I came across some terrific advice today:

For every $100 you want to spend on ANYTHING, wait a day. That means if you stumble across those 'have to have' jeans for $200, wait two days before you buy them. This helps  you really consider the purchase and do less impulse shopping than you need to.

Another scenario: that retail priced $1,000 suit should make you wait/consider the purchase for 10 days.

I'm liking this idea and am going to try it out!

Why I Work with Accountants

Hi Ladies,

You may be far from the need to use an accountant. Heck, I did my own taxes, care of the 1040 EZ, for most of my 20s.  I also took great pride in filing my taxes by myself.  Fellow GG reader, Kathy, also recommends this site for tax needs: TaxACT. 

Now that I'm older, own a home and started a company, I need help.  Didya know that when you run  your own ship, you need to file quarterly taxes? Yep. Not fun, but a gal's gotta do what a gal's gotta do. 

I've been working with a suburban accounting firm for a few years now, Dolins, Dolins and Sorinsky. I think I'd go nuts if I didn't have some help.  Now, let's be clear here, you pay for a service and attorneys and accountants have a fee, but that's what services are about, right? I think people forget that there are experts in this world and YOU may need them one day.  Treat them with respect and they'll make sure you get the help you need.

Alison, a team member from DDS, came down to the Loop today and walked me thru my 2007 returns (yay, I owe ZILCH) and helped me navigate the crazy think known as QuickBooks. Big thanks to her and answering my endless questions about journal entries, shareholder distributions vs. loans along with why a chart of accounts is so important:).

Phew, I know...enough to drive your non accounting mind zany, but hey, that's why there are experts, right?

Consumerism and Freegans Are You Buying What You Don't Need?

Interesting chit chat the last few days....

Since starting my own business, and trying to launch another one, I've completely shifted the way I live and spend money.  Yes, I have a mortgage, so that is a factor, but moreso than that, I've learned that I don't need to go shopping every day and I'd rather have a few quality things versus numerous 'ok' things. Living in France helped me think this way, too.

At the same time, experts are coming out about 'consumerism' and Oprah just had a show about the 'freegan' lifestyle.  Freegans actually trash salvaging to see what goodies were thrown about my grocery stores and bakeries. I don't think I can do this, however, I DO know that many a bagel get thrown away at many bagel shops in town.

I just had breakfast with a good guy friend of mine and he and I are on the same page about 'stuff'. How much stuff do you really need? Do you feel compelled to buy the latest yellow heels at Nine West?

Tips for Your Paycheck: Night on the Town

You just got your paycheck direct deposited into your bank account. The first thing you think of may be the jeans you saw at a Southport boutique or the super fine stilettos you just NEED for your date with the guy on the 151 bus. Hold the phone. You need to pay bills, put money away for savings and then figure out what your 'funny money' budget is for the weekend.

Response to Credit Card Article Helpful Links from a GG Reader

Hi Ladies,

Here are some helpful links from Kristen regarding credit card information. I agree with what she mentions on how closing accounts too soon can  hurt your score, but I stick to my guns in the fact that having old old old cards that you don't use under your belt is a risky thing.

Thanks Kristen!

FICO 2008 Information

How to improve your credit score